"Overdrafts customers are an easy target for banks, particularly in the current environment when many people regularly use an overdraft to get by each month," said Michelle Slade, spokesperson for Moneyfacts.co.uk.

"While the majority of customers use an overdraft as a buffer facility, some have no alternative but to regularly push their overdraft to the limit.

"It is those customers that will be hit hardest by increases, which will only serve to make a bad financial situation worse.

"Customers are unlikely to complain or switch provider due to a small increase in rate, but when multiplied by the millions of customers each bank has, these rates soon generate increased revenue."

If your overdraft rate is spiralling out of control it could be worth checking the Moneyfacts.co.uk Best Buy tables to see what else is on offer in the current account market.

As well as lessening your overdraft rate, you may benefit from a cash incentive to switch.